Twin Cities Residential Construction Hits Speedbump in August, But On Pace YTD
August 29, 2014
The Builders Association of the Twin Cities released mixed news for August residential construction starts. August housing starts were down 20% year-over-year. However residential building permits remain more-or-less flat YTD from 2013 (total building permits are down just slightly YTD from 2013, while permitted units are up just slightly). On the whole, the statistics show continued recovery for the beleaguered new housing market.
Multifamily permits continue their volatility, but represent a significant 50% of the permit activity YTD. Market conditions still continue to favor apartment construction over condominium construction, as in most parts of the country right now.
Geographically, Minneapolis, Woodbury, Blaine, and Maple Grove saw the most residential permit activity in August.